Consumer savings is trending down, but a soft landing is still possible, says PGIM's Tom Porcelli

Tom Porcelli, chief U.S. economist at PGIM Fixed Income, and David Zervos, chief market strategist at Jefferies, along with CNBC's Steve Liesman, join 'The Exchange' to discuss the market reaction to today's weaker-than-expected ADP report, international fiscal policy compared to the U.S., and whether or not a soft landing is still possible.